Medtronic EVP Christopher J. Oconnell Sells 28,000 Shares (MDT)
Medtronic (NYSE:MDT) EVP Christopher J. Oconnell sold 28,000 shares of the stock on the open market in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $63.57, for a total transaction of $1,779,960.00. Following the sale, the executive vice president now directly owns 128,384 shares of the company’s stock, valued at approximately $8,161,371. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on MDT shares. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Medtronic in a research note on Monday, August 18th. They now have a $71.00 price target on the stock, up previously from $69.00. Separately, analysts at Cowen and Company raised their price target on shares of Medtronic from $66.00 to $76.00 in a research note on Monday, August 18th. Finally, analysts at Jefferies Group upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, June 20th. They now have a $75.00 price target on the stock, up previously from $60.00. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $68.24.
Shares of Medtronic (NYSE:MDT) traded down 0.25% on Wednesday, hitting $63.36. 3,051,028 shares of the company’s stock traded hands. Medtronic has a 52-week low of $51.22 and a 52-week high of $65.50. The stock has a 50-day moving average of $62.92 and a 200-day moving average of $60.87. The company has a market cap of $62.891 billion and a price-to-earnings ratio of 21.48. Medtronic also saw a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 64,165,550 shares, a growth of 5.2% from the July 31st total of 61,004,729 shares. Based on an average daily trading volume, of 8,692,096 shares, the days-to-cover ratio is presently 7.4 days. Approximately 6.5% of the company’s stock are short sold.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 19th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $4.25 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts expect that Medtronic will post $4.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 24th. Stockholders of record on Friday, October 3rd will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Wednesday, October 1st.
Medtronic, Inc (NYSE:MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.
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